The Zip Co Ltd (ASX: ZIP) share price is suffering another blow this morning alongside many of the company's tech and buy now, pay later (BNPL) peers.
The trouble follows a poor Friday session for many of Zip's international BNPL peers and comes amid rumours a major player in the space could see its value tumble.
At the time of writing, the Zip share price is 49.75 cents, 6.13% lower than its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) is also in the red today, falling 0.51%.
Let's take a closer look at what might be dragging the ASX BNPL share lower on Monday.
What's weighing on the Zip share price?
The Zip share price is sliding for a third consecutive session today. Meanwhile, the tech sector is also in the red.
The S&P/ASX 200 Information Technology Index (ASX: XIJ) is currently down 1.9%. Looking to the broader tech sector, the S&P/ASX All Technology Index (ASX: XTX) is also struggling, falling 2.47%.
That's despite the NASDAQ Composite posting a slight gain during Friday's session overseas.
Though, the most recent session in the United States saw ASX payments-focused tech stock Block Inc (ASX: SQ2)'s New York-based listing fall 2.33% and BNPL favourite Affirm Holdings Inc (NASDAQ: AFRM) slump 1.14%.
Additionally, unlisted BNPL giant Klarna is reportedly gearing up to announce a capital raise that could see its valuation tumble 86% over two years.
The BNPL giant is looking to conduct a US$800 million capital raise at a pre-money valuation of less than US$6 billion, Sky News reports. The fintech was said to be worth US$45.6 billion two years ago.
Including its recent downturn, the Zip share price is around 88% lower than it was at the start of this year.
